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When is
Form 1099 Due?
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Know the deadlines for freelancer taxes
There’s a popular tax meme that says taxes are like a subscription to a country and your free trial ends when you come of age – or when you start paying your taxes for the first time. Jokes apart, it is quite true at least for the deadlines.
It becomes even more important to keep track of deadlines when you’re a self-employed individual, freelancer or independent contractor. The form 1099 will pop up a lot when you are working on your own. Since you’re self-employed, you’ll have to file taxes on your own and keep track of all the deadlines, those for self-employment taxes.
In this guide, we’ll have a look at when Form 1099 is due, the different kinds and who needs to care about this record-keeping form.
Table of contents
Key takeaways:
- Due dates for Form 1099-MISC is February 28 for paper filing method
- The various functions of different 1099 forms – the different kind of self-employed income.
What’s the purpose of the 1099 form?
Form 1099s are information sharing forms, and used to inform the Internal Revenue Service (IRS) of all the income you made from different sources. Form 1099 is directly sent to the IRS by your employer, client or anyone that paid you on a contract basis.
What are the different types of 1099 forms?
We’ll get to the due dates of Form 1099 shortly, but first let’s take a look at the different types of 1099 forms.
1099-NEC: Form for non-employee compensations. It’s the form that independent contractors and self-employed individuals use to declare their income to the IRS.
1099-MISC: This form is used to report income from your trade or business. This also includes landlords that earn from property management or maintenance contracts.
1099-K: You must file this alongside your individual income tax return if you received payments through third-party apps like Uber, Venmo, PayPal, etc.
1099-INT: This form is used to report interest income.
1099-A: This form is used to declare mortgage related payments.
1099-B: This form is used to report any capital gains on securities or stock options.
1099-C: This form is used to report any money that you saved from “cancellation of debt.”
1099-CAP: This form is used to report a major reshuffle in a corporation's structure and is sent to all the shareholders.
1099-DIV: This form reports your dividends, starting from $10.
1099-G: This form reports any payments received from the government.
Out of these forms, we’ll focus on the due dates of Form 1099-NEC and 1099-MISC because every other form caters to a niche income that’s not common with every self-employed individual. But, you’ll know if you receive any one of these forms apart from MISC and NEC, based on your work and individual circumstances.
Do I have to file?
A copy of the 1099 form is sent to the IRS by the party that paid you and one copy is sent to you for reference as well.
So the math is simple, if you have received a 1099 form, you have to most certainly file it. In some cases, the party sending out the 1099 form might not send it to you because of multiple reasons, like they forgot or the mailing service lost it somewhere. But if you are expecting a 1099 form, you’ll have to reach out to the sending party and inform them so they could send you another copy.
If you are wondering why do you need a 1099 form copy? The answer is simple. There’s another copy on its way to the IRS and you need to make sure that when you file your income tax, you include all the payments mentioned in that copy as your income.
If you make any mistakes when failing to pay the correct amount of estimated tax, it could lead to a penalty. This makes the information on the 1099 form absolutely crucial for accurate tax payment and filing. To avoid any confusion and penalties, it's best to utilize a 1099 tax calculator.
With that in mind, let’s address the question – when is 1099 due?
When is 1099-NEC due?
If you are filing Form 1099-NEC for your non-employee compensation, you have to file on or before January 31. You can use either mail or electronic filing procedures.
When is 1099-MISC due?
You have to file a 1099-MISC form on or before February 28 every tax year, if you file using the paper method. If you file using the electronic filing method, you have time until March 31.
What’s the penalty for late filing the 1099 form?
You’ll have to shell out $50 on each 1099 form that you filed late, and this amount is only for the first 30 days. If you delay the tax filing for more than 30 days the penalty is $110.
If you don’t file until August 1 of every year, you’ll end up with a penalty of $270 for every un-filed form. After this point, the IRS will put you on the list of intentionally neglecting to file the 1099 form and you’ll have to pay a whopping $550 per form.
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